Independent member Ahmed Saeed Al Hamiri has been named the new vice chairman, while another member Mohammed Atatreh will take over as the managing director. Abdulla Fareed Algurg has been inducted into the board in the place of Al Ghurair.

The announcement was made by the board of directors which met for the first time yesterday (September 12) following the resignation of Al Ghurair.

During the meeting, the board emphasized the completion of DSI’s capital restructuring program as a top priority to boost liquidity and stabilise the business.

It also concurred on establishing a clear strategy for recovery and growth that will capitalise on the group’s healthy project pipeline, industry stature, and the bullish industry outlook for the region.

The members of DSI’s audit, nomination, remuneration, and investment committees and the secretary of the
board of directors have been appointed as well.

In his first address as chairman, Atatreh, said: "The first official act of the new board is to position the company for new growth by establishing and following strict governance standards across all operating sectors to ensure consistent transparency, control and quality."

"We have also strategically appointed people that embody our vision of renewed growth for DSI. We want to adopt the right corporate mindset to ensure the swift and efficient completion of the group’s turnaround strategy, which is currently in the final stages of the capital restructuring phase," stated Atatreh.

The board’s immediate goals include further organizational restructuring to achieve higher levels of efficiency, synergy and resilience. It is currently planning additional executive appointments to support DSI’s comprehensive turnaround strategy, he added.-TradeArabia News Service